GCC stock exchange chiefs wind up Riyadh meeting

The ministerial committee of GCC capital market chiefs concluded its fourth meeting here on Sunday, which focused on recommendations and overtures purposed to prop up integration among Gulf capital markets. Speaking to reporters following the meeting, Governor of the Central Bank of Bahrain and chairman of the current session Rasheed Mohammed Al-Maraj said the meeting addressed recommendations on a number of issues, including the draft unified regulation for the issuance of investment funds in GCC countries; the unified regulations for the control of trading in the capital markets of GCC countries; and the unified regulations for the issuance of bonds and instruments in the capital markets of GCC countries He stressed the importance of such rules as significant steps to unify policies and regulations for Gulf capital markets. A memo of understanding between GCC capital market regulatory bodies, targeting information exchange, was also considered during the fourth meeting, he pointed out. The meeting also thrashed out coordinative mechanisms for GCC capital markets and the latest developments of world capital markets, he said